Home Loans and Support

refinance after loan modification

Discussion in 'Refinance' started by randi, Dec 23, 2011.

  1. randi

    randi LoanSafe Member

    I have a very long story, to begin my husband lost his job in June of 2009, was never late making mortgage payments to citimortgage. Did not want to fall behind, so I contacted Citimortgage and they told me about the hamp program, they said I should start making payments of 788 a month compared to the 1275 that I was paying. That was great this continued for almost a year, when they got back to me in July of 2010 and said I wasn't approved for a hamp loan, but that citimortgage can give me a loan modification. All that did for me was take the payments that were short for the past year and put them back in my mortgage and my payment stayed pretty much the same. My husband had an accident last year and is permanently disabled. I am trying to to a refinance with a cash out. I have the equity in my home. But I am told from a few mortgage companies that I cannot refinance because my credit report shows loan modification.
    The credit report does not show me every being late on my mortgage. I contacted Fannie Mae, and they said with a loan modification you cannot refinance. If I would have known this would have happened I just would have done a regular refinance not a modification. Does anybody here know if this is true or not. Any help would be greatly appreciated.
    Thanks, Randi
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi randi,


    Welcome to the forum and thank you for joining.........

    They may be referring to the HARP refinance if your loan is backed by Fannie Mae in which case it wouldn't be able to get cash out in any case. Have you tried applying for an equity line of credit?
  3. randi

    randi LoanSafe Member

    They weren't talking about a harp, on my credit report it states that I had a loan modification. I do not want to do a home equity, I would prefer to do a 30 year refinance if at all possible since I do have the equity in my home.
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    That is what I was referencing, since your loan is backed by Fannie Mae, that would be why you were ineligible for the refi due to the fact that you had a modification.
  5. randi

    randi LoanSafe Member

    My question is, is that true, that you can't do a conventional refinance after a loan mod.

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